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Cyber security – the numbers you need to know Part 1

Cyber security – the numbers you need to know Part 1

2021 has seen a dramatic increase in cyberattacks on Australian business, but many companies still treat cybersecurity as an afterthought. At Pitcher Partners, we are focusing on the key numbers you need to know in order to act now.

1. $180 per customer record: the average cost to a company in addressing lost or stolen records in a data breach

In 2020, customer personally identifiable information was the most common type of record lost and featured in 44% of breaches, according to IBM’s annual Data Breach report. Customer information is also the most expensive sort of record to lose or have stolen. For each lost customer record, businesses incur an average cost of $180, up 10% on 2020.

2. 58%: the proportion of Australian data breaches caused by malicious action

Although data breaches can be accidental or the result of a breakdown in process, more than half of attacks last year were triggered by malicious action - either outside or inside the business. In fact, one in 10 malicious attacks is the work of a rogue employee or insider threat. Taking steps to reduce the options for internal misuse can be as important as tightening your outward facing security.

3. $50,600: the average loss per successful business email compromise attempt

Business email compromise presents a major threat to Australian businesses. According to the ACSC Annual Cyber Threat Report the average loss per successful event in financial year 2020-21 increased to more than $50,600, 1.5 times higher than the previous financial year.

All businesses regardless of size or industry should be focused on cyber security.  It is a business risk, not an IT problem, and its important to have preventative measures in place and an incident management plan ready to follow in the unfortunate circumstance that a breach happens.

You can find out more on this topic by reading parts two and three now.

This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.

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Andrew Beitz

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Norman Thurecht

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Rob McKie

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